Green Hydrogen Production: Electrolyzer Markets 2023-2033
IDTechEx forecasts the water electrolyzer market to grow to over US$120B by 2033. While previous periods of hype for green hydrogen and the hydrogen economy have waned, significant capital, both public and private, is now being spent on developing water electrolysis systems for the production of green hydrogen. Hydrogen demand is expected to grow globally from both incumbent markets, including refining and ammonia production, as well as from new markets such as in methanol, green steel, and transport applications. This increase in hydrogen production and use is being driven by a growing desire to improve energy security and by decarbonisation efforts. However, to play a role in decarbonisation, the hydrogen produced must itself be low carbon.